The primary purpose of a premium audit is to calculate your final premium. When your policy was issued, the premium was an estimate of an exposure. basis (usually payroll or sales) multiplied by a rate. The rate used is determined. by how the exposure base is classified. The audit will examine your records to. establish the actual exposure basis and make sure that the correct classification.
Consent dividend is a dividend that some shareholders agree to give back or leave with the company issuing for the purpose of either expansion or increasing its cash positions. The shareholder also agrees to report the dividends for tax purposes.
an amount specified in a consent which would not constitute a dividend (as defined in section 316) if the total amounts specified in consents filed by the corporation had been distributed in money to shareholders on the last day of the taxable year of such corporation.